The issue is with your lender. It appears that they have sumitted your loan package to an underwriter for review and approval. They can't move forward unit the underwriter accepts or provides them other information to move your file forward. Your real estate agent has nothing to do with any delays of your loan process.
Fannie Mae asset managers are working overtime with the piles of foreclosed homes that are working through the system. The asset manager may have over 100 deals she is working on at any given time. There are some great deals to be had in a foreclosed home but it takes more time to close them because of the backlog. It's kind of like trying to get a table at the most popular restaurant. If you don't mind the long wait, the food is pretty good. If you want to go eat at another place then get of of the long line and quit complaining.
Today came the final "insult" from Fannie Mae when my realtor called to tell me that funding occurred and I could PICK UP THE KEYS TO THE HOUSE THAT WERE ON TOP OF THE METER OUTSIDE OF THE HOUSE (a 50-mile round trip just to pick up keys!). I cannot believe the AUDACITY that Fannie Mae (or my realtor) had to actually put the keys to the house outside on top of the meter. I have never heard of such a thing I was infuriated and dumbfounded. FM is supposed to 'DELIVER THE KEYS AFTER FUNDING TO THE BUYER": HA!. They're all pointing fingers at each other and have even gone so far as to blame an unknown party by the name of "Bob" (and their only concern is that this "Bob" character was double-dipping FM). UNBELIEVABLE! Florida is truly STILL the wild, wild, west.
Also, just a regular sale, using FHA financing will almost always take at least 45 days, even with preapproval. If you like this condo, wait at least two weeks then state that you will withdraw if closing is not scheduled. Ask your Realtor to call the closing agent and ask why the delay. It also might be making sure Title is clear. I work with investor and we had two Fannie Mae sales fall apart because they could not give clear title.
45 days was the norm until recently. Extra red tape and check and rechecks have streatched the process out to 60 days. Today I was informed an offer a client made yesterday had been accepted and then they attached the special Addendums that each foreclosed home requires to complete the offer. In the instructions we were told to specify a closing date at least 65 days.
5 weeks is well within these time frames.
Did you get a copy of the fully executed purchase and sale agreement and then the Fannie Mae Addendums?
Here in Florida a contract is NOT A CONTRACT until it is signed by all parties and delivered to all parties.
Coldwell Banker Vanguard Realty
I don't think you should walk just because the loan officer is taking too long. You found a great deal and a property you love- fight for it.
If you start feeling that the loan won't go through, give us a call. We own a Florida mortgage brokerage and have gotten loans through in as few as 4 days. Good Luck!
Faith Home Loans
Your REALTOR should be able to assist you more with whatever is taking so long. Typically, a foreclosure should only take about 30-45 days to close. The underlying bank has already gone through the entire process and really just would like to have the property off their books.
Did your agent provide a bank addendum and was that executed? Foreclosed properties usually have an in-depth addendum that must be executed prior to closing.
Lynn Brier-De La Cruz, REALTOR